- BTC/USD bulls catch a breather around record top, keeps upside break of six-week-old resistance marked Wednesday.
- Bullish MACD, sustained trading above 10-day SMA, FE 61.8% also favor the buyers.
- Early January top restricts bear’s entry, $55,000 adds to the upside filter.
Bitcoin remains on the front foot despite the latest dribbling around the record top of $52.638 during early Thursday. In doing so, the BTC/USD pair keeps the previous day’s upside break of short-term key resistance line while extending run-up beyond 61.8% Fibonacci Expansion (FE) of November 26, 2020, to January 08, 2021, upside and the following pullback to $28,768 on January 22, 2021.
Also favoring the cryptocurrency buyers is the quote’s successful run-up beyond 10-day SMA amid the bullish MACD.
As a result, the BTC/USD prices are well directed towards the next FE resistance level of 100% around $54,500 ahead of targeting the $55,000 round-figure.
Meanwhile, the $50,000 psychological magnet precedes the previous resistance line, at $49,700, to restrict the short-term downside moves.
Even if the BTC/USD sellers dominate past-$49,700, 10-day SMA and the early January 2021 top, respectively around 47,850 and $42,000, will add filters during the further declines.
Overall, the bitcoin bull-run has a long way to go before hitting the wall wherein the $54,500 hurdle can satisfy buyers for now.
BTC/USD daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin crumbles under German government transfers, Ethereum and Ripple erase gains
Bitcoin trades below $57,100 on Thursday as German government transfers continue, $76 million BTC moved to exchanges. Ethereum trades near $3,100 ahead of the upcoming SEC decision on the Spot Ethereum ETF.
Ripple traders take over $75 million in losses in July, XRP drops below key support
Ripple (XRP) price is under fresh selling pressure and tests key support at the June 7 low of $0.4508 on Thursday as whales are likely capitulating, according to on-chain data.
Bitcoin price declines as supply on exchanges rises
Bitcoin faced rejection at the daily resistance level of $63,956 on Monday, resulting in a 4.2% decline over the next two days. BTC’s price extends its downward move and falls below $58,000 on Thursday, adding more than 4% losses in the day.
Worldcoin is poised for 17% rally as as technical indicators signal bullish momentum
Worldcoin price finds support and bounces 9% from the weekly support level around $2.183. Technical analysis shows that WLD has formed a bullish divergence on a momentum indicator.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.